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The IRS, Your Business and Employer Identification Numbers

            The IRS naturally wants to keep accurate track of everything each person and business earns in America. One of the most efficient ways it can achieve this is to require most larger businesses to obtain what are frequently referred to as either TINs (taxpayer identification numbers) or EINs (employer identification numbers).

Most Corporations, Partnerships and LLCs

            Those running traditional “C” corporations, partnerships and “S” corporations are required to obtain an EIN or TIN. All LLCs that include more than one owner/investor will need them – as well as LLCs that may hire any employees.

            However, some LLCs that aren’t required to obtain these special types of numbers do so anyway because a number of banks and other financial institutions will only handle business transactions with companies that have these types of special identification numbers.

Sole-Proprietorships and Single-Member LLCs

            When you’re the only person handling all of your businesses tasks without the help of any employees, you won’t need an EIN. The same is true of someone who is the sole owner/worker running an LLC. These individuals simply need to keep highly accurate records of all earnings and expenses – and use their own Social Security numbers when they file their annual tax returns.

When A Single-Member LLC May Want to Obtain an EIN

            If you believe it's to your advantage to be taxed as a corporation, you'll need to apply for an EIN and make this tax request known to the IRS.

How to Obtain an EIN When It’s Required

            The IRS has been making good use of the Internet for many years. The easiest way to obtain an EIN is to visit www.IRS.gov and be prepared to provide your own personal Social Security number (or that of one of the other owners) when making your request for an EIN.

            Of course, if you don’t mind being put on hold for a period of time, you can call the IRS to request help obtaining an EIN -- or send them a letter requesting one (proper mailing addresses based upon the location of your business are available online). It’s always wise to document such transactions by using certified mail – and then following up if you don't receive an EIN within three or four weeks of making your request.

            Should you just be converting your sole proprietorship to an LLC and already have an EIN – the IRS will allow you to keep the same one if you won't be hiring any employees.

To obtain help with handling all of your Georgia business planning needs, please contact the Law Offices of Shane Smith today.  You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.


Shane Smith
Advocate for the Seriously Injured in Georgia